证券代码：600702 证券简称：舍得酒业 公告编号：2025-029 舍得酒业股份有限公司 本次会议是否有否决议案：有 一、 会议召开和出席情况 (三)出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： 2024年年度股东大会决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： | 1、出席会议的股东和代理人人数 | 1,083 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 136,302,914 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | 41.4385 | | 份总数的比例（%） | | (四)表决方式是否符合《公司法》及《公司章程》的规定，大会主持情况等。 本次股东大会由公司董事会召集，采用现场投票与网络投票相结合的方式表 决，由公司董事长蒲吉洲先生主持。会议的召集、召开和表决方式符合《公司法》 及《公司章程》的有关规定。 (一) 股东大会召开的时间：2025 年 4 月 29 日 (二) 股东大会召开的地点：公司艺术中心会 ...

证券代码：600702 证券简称：舍得酒业 公告编号：2025-030 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 根据《上市公司股权激励管理办法》及《上海证券交易所上市公司自律监管 指引第 2 号——信息披露事务管理》等规范性文件的要求，舍得酒业股份有限公 司（以下简称"公司"或"本公司"）针对公司 2025 年限制性股票激励计划（以 下简称"本激励计划"）采取了充分必要的保密措施，同时对本激励计划的内幕 信息知情人进行了登记。 公司于 2025 年 3 月 27 日召开第十一届董事会第十三次会议、第十一届监事 会第十二次会议，审议通过了《关于公司<2025 年限制性股票激励计划（草案）> 及其摘要的议案》，并于 2025 年 3 月 28 日首次公开披露，具体内容详见公司于 2025 年 3 月 28 日在上海证券交易所网站（www.sse.com.cn）披露的相关公告。 根据《上市公司股权激励管理办法》的有关规定，公司对内幕信息知情人及激励 对象在本激励计划草案公告日前六个月内买卖公司股票的情况进行了自查，具体 情况 ...

2024 年年度股东会 法律意见书 康达股会字【2025】第 0232 号 北京康达（成都）律师事务所 关于舍得酒业股份有限公司 致：舍得酒业股份有限公司 根据北京康达（成都）律师事务所（以下简称"本所"）与舍得酒业股份有 限公司（以下简称"舍得酒业"或"公司"）签订的《聘请法律顾问合同》，本 所指派杨波、徐小玉律师出席了舍得酒业 2024 年年度股东会（以下简称"本次 股东会"）。 本所律师根据《中华人民共和国公司法》（以下简称《公司法》）、《中华人民 共和国证券法》（以下简称《证券法》）、《上市公司股东会规则》（以下简称《股 东会规则》）等法律法规、规范性文件及《舍得酒业股份有限公司章程》（以下简 称《公司章程》）的有关规定，就本次股东会的召集和召开程序、召集人和出席 人员的资格、表决程序以及表决结果发表法律意见。 关于本法律意见书，本所及本所律师谨作如下声明： （1）在本法律意见书中，本所及本所律师仅就本次股东会的召集和召开程 序、召集人和出席人员的资格、表决程序以及表决结果进行核查和见证并发表法 律意见，不对本次股东会的议案内容及其所涉及的事实和数据的完整性、真实性 和准确性发表意见。 （2）本所及本 ...

舍得酒业股份有限公司 章 程 (2025 年 4 月修订，公司 2024 年年度股东大会审议批准) 舍得酒业股份有限公司章程 （2025 年修订） 舍得酒业股份有限公司章程 （2025 年 4 月修订） 目 录 — 1 — 第一章 总则 第二章 经营宗旨和范围 第三章 股份 第一节 股份发行 第二节 股份增减和回购 第三节 股份转让 第四章 股东和股东大会 第一节 股东 第二节 股东大会的一般规定 第三节 股东大会的召集 第四节 股东大会的提案与通知 第五节 股东大会的召开 第六节 股东大会的表决和决议 第五章 董事会 第一节 董事 第二节 董事会 第六章 总裁及其他高级管理人员 第七章 监事会 第一节 监事 第二节 监事会 第八章 财务会计制度、利润分配和审计 舍得酒业股份有限公司章程 （2025 年修订） — 2 — 第一节 财务会计制度 第二节 内部审计 第三节 会计师事务所的聘任 第九章 通知与公告 第一节 通知 第二节 公告 第十章 合并、分立、增资、减资、解散和清算 第一节 合并、分立、增资和减资 第二节 解散和清算 第十一章 修改章程 第十二章 附则 舍得酒业股份有限公司章程 （2025 年修订 ...

今日晚间，白酒企业酒鬼酒发布了2024年、今年一季度业绩。 近年来，酒鬼酒净利润连续下滑，去年更是同比暴降97.72%，同时，公司股价也已经连续下跌3年多的时间。 业绩连续下滑 今年一季度，酒鬼酒实现营收3.44亿元，同比下滑30.34%；归母净利润为3171.33万元，同比下滑56.78%；扣非净利润为3144.58万元，同比下滑54.76%。 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | (%) | | 营业收入(元) | 344, 035, 624. 40 | 493, 905, 318, 75 | -30. 34% | | 妇属于上市公司股东的净利润(元) | 31, 713, 274. 21 | 73, 380, 342. 01 | -56. 78% | | 归属于上市公司股东的扣除非经常性损益的净利 润(元) | 31, 445, 766. 54 | 69. 507. 218. 67 | -54. 76% | | 经营活动产生的现金流量净额(元) | -127, 319, 825. 47 | -264, 751, ...

公 司 报 告 食品饮料 2025年04月28日 推荐 ( 维持) 股价:57.01元 舍得酒业(600702.SH) 行情走势图 1Q25持续调整，期待后续改善 相关研究报告 【平安证券】舍得酒业（600702.SH）*年报点评*24 年持续调整，股权激励助力改善*推荐20250331 【平安证券】舍得酒业（600702.SH）*季报点评*释 放压力，轻装上阵*推荐20241029 证券分析师 事项： 舍得酒业发布2025年1季报，1Q25实现营业收入15.8亿元，同比下滑25.1%； 归母净利3.5亿元，同比下滑37.1%。 平安观点： 公 司 季 报 点 评 张晋溢 投资咨询资格编号 研 究 报 告 S1060521030001 ZHANGJINYI112@pingan.com.cn 王萌 投资咨询资格编号 S1060522030001 WANGMENG917@pingan.com.cn 王星云 投资咨询资格编号 S1060523100001 wangxingyun937@pingan.com.cn | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | ...

Investment Rating - The investment rating for the company is "Neutral" [7][5][6] Core Views - The company reported a total revenue of 1.576 billion yuan in Q1 2025, a year-on-year decrease of 25.1%, and a net profit of 346 million yuan, down 37.1% year-on-year [1] - The gross margin improved quarter-on-quarter, with a gross margin of 69.4% in Q1 2025, although it decreased by 4.9 percentage points year-on-year [2] - The company is maintaining active expense investments during the peak season to promote sales, with a net profit margin of 22.0%, down 4.18 percentage points year-on-year [3] - A stock incentive plan was announced, granting up to 2.0366 million shares to 168 individuals, with performance targets set for 2025-2027 [4] - Revenue and profit are expected to gradually improve as the company enters a low base period in Q2 2025, with projected revenues of 5.08 billion, 5.38 billion, and 5.76 billion yuan for 2025, 2026, and 2027 respectively [5][6] Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 1.576 billion yuan, a decrease of 25.1% year-on-year, and a net profit of 346 million yuan, down 37.1% year-on-year [1] - The revenue from mid-to-high-end liquor was 1.234 billion yuan, down 28.5% year-on-year, while ordinary liquor revenue was 208 million yuan, down 12.6% year-on-year [2] - The company reported a net profit margin of 22.0%, down 4.18 percentage points year-on-year, with a significant improvement in operating cash flow, which increased by 106.8% year-on-year to 224 million yuan [3] Market and Channel Analysis - The company has optimized its channel structure, with a total of 2,621 distributors as of the end of Q1 2025, a decrease of 42 from the end of 2024 [2] - E-commerce channel revenue increased by 36.7% year-on-year to 205 million yuan, reflecting a trend towards online sales in the liquor market [2] Future Outlook - The company is expected to see a gradual recovery in revenue and performance as it enters a low base period in Q2 2025, with projected revenues of 5.08 billion, 5.38 billion, and 5.76 billion yuan for 2025, 2026, and 2027 respectively [5][6] - The stock incentive plan aims to motivate employees with performance targets that require significant revenue and profit growth over the next three years [4]

Investment Rating - The investment rating for the company is "Neutral" [7][5][19]. Core Views - The company reported a total revenue of 1.576 billion yuan in Q1 2025, a year-on-year decrease of 25.1%, and a net profit of 346 million yuan, down 37.1% year-on-year [1]. - The gross margin improved quarter-on-quarter, with a gross margin of 69.4% in Q1 2025, although it decreased by 4.9 percentage points year-on-year [2]. - The company is maintaining active expenditure during the peak season to promote sales, with a sales expense ratio increasing by 3.03 percentage points year-on-year [3]. - A stock incentive plan was announced, granting up to 2.0366 million shares to 168 individuals, with performance targets set for 2025-2027 [4]. - The company expects a turning point in revenue and performance as it enters a low base period in Q2 2025, with projected revenues of 5.08 billion yuan in 2025, a decrease of 5.1% year-on-year, and net profits of 422 million yuan, an increase of 21.9% year-on-year [5][6]. Summary by Sections Financial Performance - In Q1 2025, the company achieved total revenue of 1.576 billion yuan, down 25.1% year-on-year, and a net profit of 346 million yuan, down 37.1% year-on-year [1]. - The revenue from mid-to-high-end liquor was 1.234 billion yuan, down 28.5% year-on-year, while ordinary liquor revenue was 208 million yuan, down 12.6% year-on-year [2]. - The company reported a net profit margin of 22.0%, down 4.18 percentage points year-on-year [3]. Market and Channel Analysis - The company’s provincial revenue was 494 million yuan, down 9.0% year-on-year, while out-of-province revenue was 949 million yuan, down 33.2% year-on-year [2]. - The e-commerce channel saw revenue of 205 million yuan, an increase of 36.7% year-on-year, indicating a positive trend in online sales [2]. Future Outlook - The company maintains its previous profit forecast, expecting revenues of 5.08 billion yuan in 2025, 5.375 billion yuan in 2026, and 5.756 billion yuan in 2027, with corresponding net profits of 422 million yuan, 451 million yuan, and 508 million yuan [5][6]. - The stock price corresponds to a PE ratio of 45.0 for 2025 and 42.1 for 2026, maintaining a "Neutral" rating [5][6].

Core Viewpoint - Shede Liquor's Q1 2025 report shows significant revenue and profit growth, indicating a successful strategy amidst industry adjustments [1][2] Financial Performance - Q1 2025 revenue reached 1.576 billion, a 75.68% increase quarter-on-quarter; net profit was 346 million, surpassing the total net profit of 345.8 million for the entire year of 2024 [1] - Gross margin improved to 69.36%, and net cash flow from operating activities increased by 106.76% to 224.2 million [2] - Operating costs and management expenses decreased by 11.25% and 25.24% respectively, enhancing profit margins [2] Market Strategy - The company implemented a "stable price, control inventory, strong sales" strategy, leading to a 41 million increase in contract liabilities, reflecting restored channel confidence [2] - E-commerce sales grew to 205 million, a 36.71% year-on-year increase, indicating successful channel optimization [2] Product Development - Focus on core products led to Q1 revenue of 1.234 billion from mid-to-high-end liquor and 208 million from ordinary liquor, accounting for 85.58% and 14.42% of total revenue respectively [3] - The company aims to strengthen its position in the 400 yuan price range and expand into rural markets [3] Long-term Growth and Innovation - R&D expenses surged from 8.39 million to 95.33 million from 2019 to 2024, with a compound annual growth rate of 62.59% [5] - The company holds 45 invention patents and has developed over 144 new products, enhancing its technological capabilities [5] - Brand value for "Shede" reached 100.655 billion and "Tuopai" 72.196 billion, totaling 172.851 billion, a 51.48% increase since 2020 [6] Industry Outlook - The industry is viewed as undergoing a short-term adjustment, with companies demonstrating resilience and strategic focus expected to thrive [2][4]

Core Insights - In the first quarter of 2025, the company reported total revenue of 1.576 billion yuan, a year-on-year decrease of 25.14% [1] - The net profit attributable to shareholders was 346 million yuan, down 37.10% year-on-year, while the net profit excluding non-recurring items was 343 million yuan, also down 37.14% [1] - The operating cash flow net amount was 224 million yuan, showing a significant increase of 106.76% year-on-year [1] Financial Performance - Basic earnings per share were 1.0582 yuan, and the weighted average return on equity was 4.80%, a decrease of 2.21 percentage points year-on-year [1] - The return on invested capital was 4.05%, down 2.71 percentage points compared to the same period last year [1] - The company's current ratio was 1.95, while the quick ratio was 0.59 at the end of the first quarter [1] Cash Flow and Investments - The net cash flow from operating activities was 224 million yuan, up 106.76% year-on-year [1] - Cash flow from financing activities increased by 9.7289 million yuan to 135 million yuan year-on-year [1] - Cash flow from investing activities was -362 million yuan, compared to 264 million yuan in the same period last year [1] Asset and Liability Changes - Fixed assets decreased by 1.57% compared to the end of the previous year, while construction in progress increased by 14.16% [1] - Accounts receivable financing increased by 124.51% compared to the end of the previous year, and intangible assets rose by 11.47% [1] - Significant changes in liabilities included a 12.7% decrease in notes payable and accounts payable, a 45.84% increase in long-term borrowings, and an 88.32% increase in taxes payable [1] Shareholder Changes - Among the top ten circulating shareholders at the end of the first quarter, a new shareholder, Penghua CSI Wine Index Securities Investment Fund (LOF), replaced the previous year-end shareholder, the National Social Security Fund 117 Portfolio [1]